[Economic Indicators January, 1999]
[Page Number 27]
[From the U.S. Government Publishing Office, www.gpo.gov]


AGGREGATE RESERVES AND MONETARY BASE

                            [Averages of daily figures \1\; millions of dollars; seasonally adjusted, except as noted by NSA]
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                                                                  Adjusted for changes in reserve requirements               Borrowings of depository
                                                        ----------------------------------------------------------------  institutions from the Federal
                                                                Reserves of depository institutions                               Reserve (NSA)
                                                        ---------------------------------------------------             --------------------------------
                         Period                                                   Nonborrowed                 Monetary
                                                                                      plus                      base                            Extended
                                                            Total    Nonborrowed    extended     Required                  Total     Seasonal    credit
                                                                                     credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
1989:Dec...............................................    r 40,501     r 40,236     r 40,256      39,581     r 267,692        265         84         20
1990:Dec...............................................    r 41,789       41,464     r 41,486      40,125     r 293,312        326         76         23
1991:Dec...............................................      45,535       45,343       45,344      44,556     r 317,587        192         38          1
1992:Dec...............................................      54,358       54,234       54,235      53,202     r 350,676        124         18          1
1993:Dec...............................................      60,524       60,442       60,442      59,461     r 386,325         82         31          0
1994:Dec...............................................    r 59,406     r 59,197     r 59,197      58,238     r 417,976        209        100          0
1995:Dec...............................................      56,399       56,141       56,141      55,121     r 434,032        257         40          0
1996:Dec ..............................................      50,083     r 49,928     r 49,928      48,660     r 451,603        155         68          0
1997:Dec...............................................      46,669       46,345       46,345      44,986     r 479,385        324         79          0
1998:Dec...............................................      44,905       44,788       44,788      43,321       512,994        117         15          0
 
1998:Jan ..............................................      46,501       46,291       46,291      44,721     r 481,982        210         18          0
      Feb .............................................      45,722       45,664       45,664      44,198     r 483,292         58         12          0
      Mar .............................................      46,045       46,004       46,004      44,731     r 485,423         41         22          0
      Apr .............................................      45,959       45,887       45,887      44,614     r 487,686         72         41          0
      May .............................................      45,591       45,438       45,438      44,441     r 489,980        153         94          0
      June.............................................      45,391       45,140       45,140      43,771     r 492,397        251        159          0
      July.............................................      44,813       44,556       44,556      43,449     r 494,617        258        215          0
      Aug..............................................      44,997       44,726       44,726      43,484     r 498,169        271        242          0
      Sept.............................................      44,585       44,334       44,334      42,901     r 502,238        251        178          0
      Oct..............................................      44,385       44,211       44,211      42,813     r 505,765        174        107          0
      Nov r............................................      44,571       44,488       44,488      42,947       509,486         84         37          0
      Dec..............................................      44,905       44,788       44,788      43,321       512,994        117         15          0
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    \1\ Data are prorated averages 
of biweekly (maintenance period) 
averages of daily figures.
    Source: Board of Governors of 
the Federal Reserve System.